TaxTMI 
TaxTMI 
2023 (2) TMI 1161
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....d 10.11.2021 and 25.01.2022, passed in case Nos.ITBA/APL/S/250/2021-22/1036818962(1) and ITBA/APL/S/250/2021-22/1039080137(1), in proceedings u/s 154 and 143(3) r.w.s. 153A of the Income Tax Act, 1961, in short "the Act". Latter assessment year 2018-19 involves assessee's and Revenue's cross appeals ITA Nos.47 and 59/PUN/2021 directed against the very CIT(A)'s DIN & order No. ITBA/APL/S/250/2020-21/1029367933(1), dated 30.12.2020 in proceedings u/s 143(3) of the Act. Heard both the parties. Case files perused. 2. It transpires during the course of hearing that the assessee's twin appeals IT(SS)A Nos. 12/PUN/2021 and 11/PUN/2022 for former assessment year 2017-18 hardly requires us to delve deeper in the relevant factual matrix. This i....
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.... Nos.12/PUN/2021 and 11/PUN/2022 stand accepted. 3. This leaves us with the latter assessment year 2018-19 wherein both the assessee as well as the Revenue have filed their respective appeals ITA Nos.47 & 59/PUN/2021; respectively. The sole issue that arises for our apt adjudication in both these appeals is that of "telescoping" of section 69A unexplained money addition of Rs.1,66,40,000/- made by the Assessing Officer which has been partly allowed to be set off in CIT(A)'s order to the extent of Rs.1,18,22,400/- vide following detailed discussion: This leaves both the parties aggrieved to the extent indicated in their respective pleadings. The assessee's case before us not only seeks to delete the impugned section 69A addition of ....
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....hardly carry any significance in the absence of any supportive evidence. We reiterate that the foregoing sole seized document is totally "dumb" as there are no clear-cut entries which could suggest any payments or receipts, as the case may be involving this assessee. Faced with the situation, we accept the assessee's pleadings as well as the main appeal ITA No.47/PUN/2021 and dismiss the Revenue's cross appeal ITA No.59/PUN/2021 as the necessary corollary. Ordered accordingly. 5. To sum up, these assessee's three appeals ITA Nos.47/PUN/2021, IT(SS)A Nos.12/PUN/2021 and 11/PUN/2022 are allowed and Revenue's cross appeal ITA No.59/PUN/2021 is dismissed in above terms. A copy of this common order be placed in the respective case files. O....
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....rds income from undisclosed source after making full enquiry, though inadvertently under wrong sec. 69A, could validly be sustained by Tribunal u/s 68, since the amounts were recorded in the books. It is therefore important to examine on factual basis whether the entries found in the seized document as per bundle no. 2, page no. 41 indicating cash receipt by the assessee of an amount of Rs. 1,66,40,000/- during F.Y 2017-18 represented the undisclosed income of the appellant assessee or not. 8. 10 px Notwithstanding the aforesaid, I am of the view that sec. 69A can be invoked if there is an evidence found that the assessee was owner of any money, bullion, jewellery or any other valuable article which is not r....
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....he books of accounts and remains unexplained, the same can be assessed as deemed income of FY in which it is found. Accordingly, evidence of the ownership of cash found in documents for any year would qualify to be assessed u/s 69A, if its unrecorded and if the assessee fails to satisfactorily explain the source of such money, bullion, jewellery etc in its hands. In the case of the appellant assessee, clearly the seized documents indicate receipt of cash to the extent of Rs. 1.66 Crores and the AO has found the explanation offered to be unsatisfactory and since the same was not recorded in the books, the invocation of sec. 69A per se cannot be faulted. Accordingly, the objection of the appellant that sec. 69A was ....
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....e are entries which indicate that cash amounting to Rs. 1,66,40,000/- was received by the appellant during F.Y 2017-18 relevant to the A.Y. The relevant extract of the question no. 7 of post search statement which is reproduced on page 3 of the assessment order and is also accepted in total by the AO only proves this point. As the identity of the donors were not produced before the AO, the AO went ahead and added, the sald amount as deemed income of the assessee. The appellant assessee is involved in Dabba Trading and the search was also conducted as part of the search on the Dabba Trading group at Pune. On the basis of the evidence brought on record as a result of search, the linkage between the cash received by ....